Is The Economic Crisis Impacting Los Gatos Home Sales?

Several of my buyers have recently decided to hold off until things calm down with the economy. So I wondered if this was widespread or not. Tonight I checked the sales in Los Gatos (zips 95030 and 95032) for the period of 10/1 - 10/25 this year and last year. Sales are slower than last month but still ahead of last year, generally.

Among single family homes in Los Gatos, there have been 15 homes that went sale pending in that time frame this year, wheras there were 8 last year. For condos and townhomes it was 4 this year and 5 last year - close enough to not be significant in my opinion.

Right now, it does not look terribly bad. Sales are mostly ahead of last year at this same time. That said, we'll know more when ALL the factors are in - price points, list price to sales price ratio, days on market, etc.

RE: Is The Economic Crisis Impacting Los Gatos Home Sales?

I work in the Lehigh Valley in PA and I have also had a few buyers decide to hold off on purchasing until the economy gets better. They made that decision when everything went bust a few weeks ago.

On the other hand, I did an open house today and a mother showed up with her daughter. The parents told their daughter that it was a great time to buy so they are helping her to look and purchase a home now.

What a catch 20!

Regards,

Joe
www.lehighvalleyhomesonline.com

RE: Is The Economic Crisis Impacting Los Gatos Home Sales?

Thanks Joe - I think about 30% of the population is more risk tolerant, and they are the ones who will clean up while the market is down. May you find many more for clients!